Splash Beverage Group Inc (NYSE American: SBEV) is a beverage company that develops and sells branded alcoholic beverages, with its primary active brand being Chispo Tequila. Revenue is generated through transactional product sales to retail and hospitality channels, though the company made no sales after March 2025 due to insufficient capital, per the 10-K filed April 15, 2026. Total revenues from continuing operations collapsed to $73,066 in FY2025 from $801,273 in FY2024. The company reported a net loss of $25.2 million in FY2025 and carried a stockholders' deficit of $15.3 million as of December 31, 2025, after rescinding a June 2025 Costa Rica water rights acquisition. As of the filing date, SBEV was pursuing an acquisition of Medterra and seeking to re-establish beverage operations. The company has not paid cash dividends since inception and does not anticipate doing so. Disclosure controls were deemed not effective as of December 31, 2025, due to material weaknesses including limited segregation of duties.

Revenue model

Transactional product sales of branded beverages. Revenues from continuing operations were $73,066 in FY2025 and $801,273 in FY2024 (10-K, filed 2026-04-15). The company generated no revenue after March 2025 due to lack of capital.

Products and services

Chispo Tequila (primary active brand as of FY2025). The company purchased $50,000 of Chispo Tequila inventory in December 2025 in connection with a potential Senior Frogs order. Discontinued operations contributed $369,666 in revenues in FY2025, down from $3,353,935 in FY2024.

Customers and end markets

Retail and hospitality channels, including a referenced potential order from Senior Frogs. No customer concentration data disclosed in the filing excerpts.

Value-chain role

Brand owner and seller of alcoholic beverages. The company holds inventory and manages brand development. No manufacturing detail disclosed in the filing excerpts.

Geographic exposure

Primary operations in the United States. A Costa Rica water rights acquisition was rescinded in June 2025. No further geographic revenue breakdown disclosed in the filing excerpts.

Source: SEC 10-K, filed 2026-04-15

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